King World sets 52-week high; reported in talks with CBS

DavidB. Wilkerson

NEW YORK (CBS.MW) -- King World shares sped to a 52-week high for the second-straight session, this time after a report in Saturday's New York Times said the television producer and syndicator is in merger talks with CBS.

The stock (KWP)
kwp
rose 1 to 30 15/16, at one point hitting 31 3/4. Shares reached a 12-month high during Friday's session, also on speculation of a possible buyout by CBS.

The New York Times cited unnamed executives familiar with the negotiations as saying talks have been going on for several weeks, but could end at any time.

The trade magazine Variety reported Monday that the the two companies are "close" to a deal.

CBS spokesman Dana McClintock said the company doesn't comment on speculation. A King World spokeswoman also declined comment.

Shares of CBS (CBS)
CBS, -0.27%
, a significant shareholder in MarketWatch.com, the publisher of this Web site, rose 7/16 to a 52-week high of 40 3/8. The old high of 39 1/4 was set March 22. See related story.

At the Schroders/Variety media conference in New York last week, CBS Chief Executive Mel Karmazin told reporters who asked him about King World that his company's name "has been attached to many deals. But as far as commenting on what we're up to, we don't do that."

One reason the question came up is that King World produces and syndicates "The Hollywood Squares," which has been one of the biggest winners for CBS' owned-and-operated television stations this season. With a buyout of King World, CBS would save itself hefty broadcast rights fees for "Squares" and attach three of syndication's perennial ratings powerhouses to its Eyemark Entertainment unit.

King World is best known for its long-time syndication of "The Oprah Winfrey Show," "Wheel of Fortune" and "Jeopardy!" Each of these shows has been at or near the top of Nielsen's syndication ratings since the mid-1980s.

Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only. Intraday data delayed at least 15 minutes or per exchange requirements.